Loyalty Addition in Jeevan Saral policy for 2015-16

Loyalty Addition in Jeevan Saral

Jeevan Saral (Plan No. 165) is one of the most sold plans of LIC of India, which provide the death benefit of 250 times of monthly premium and on maturity, Maturity Sum Assured with Loyalty Addition (LA). Bonus rates of LIC of India for the year 2015-16 has been declared in the month of August 2015 for all its participating policies. Loyalty Addition (LA) of all the eligible policies are declared too, including Jeevan Saral (Plan No. 165). Loyalty addition in Jeevan Saral Policy is available when the policy exit through death, maturity or surrender after 10 years.

Latest: Loyalty Addition In Jeevan Saral Policy For 2016-17

Loyalty Addition (LA) in Jeevan Saral (Plan No. 165) of LIC of India

Loyalty Addition (LA) in Jeevan Saral policy depends on upon the duration of the policy completed with full sum assured and, the annual premium band of the policy. The annual premium band can be calculated on the basis of monthly premium in Jeevan Saral. Higher the premium, higher is the loyalty addition in Jeevan Saral. In the case of the partial surrender annual premium band must be calculated on reduced premium.

Loyalty Addition in Jeevan Saral (Plan No. 165)

Loyalty Addition in Jeevan Saral Policy (Plan No. 165)

For the purpose of determining the rate of loyalty addition for exits by death or surrender or maturity the duration in completed years for which premiums have been paid shall be considered. In the case of partial surrender in policy, the benefits will be proportionately reduced.

How to calculate Loyalty addition in Jeevan Saral

There are two types of Sum Assured in Jeevan Saral a) Death Sum Assured, b) Maturity Sum Assured. To calculate loyalty addition in your policy refer your policy bond to know the Maturity Sum Assured. Also refer premium of your policy and calculated annual premium of your policy (if other than yearly Mode).

Formula to calculate loyalty addition: (Maturity Sum Assured/1000)* Rate of Loyalty Addition as per                                                                                                                                         annual premium band

Note: Maturity Sum Assured on policy bond is written according to the term you have chosen at proposal stage. It will not be used to calculate loyalty addition while surrendering the policy before term.

Under Plan 165, provided at least 10 years premiums have been paid under the policy and policy has been in force for at least 10 years, the loyalty addition is payable on exits by maturity or death or surrender per thousand maturity sum assured for the complete duration for which the premiums have been paid.

Where a policyholder discounts the policy within one year preceding the date of maturity, the policy will be eligible for Loyalty Additions provided other qualifying conditions are satisfiedहिन्दी